CFP Board in the News

New Chapters After Bankruptcy

Mar 01, 2012

Proposed rule changes by the CFP Board could help planners whose own finances hit the rocks.

In January, the board asked for comments from CFP® professionals and others on the proposed rule change. As of last month, it had already received about 250 responses. "People are very passionate about this issue," says Michael Shaw, a managing director for the CFP Board who supervises both the professional standards and legal departments.

"They are either very much in favor of the notion that, if you are a CFP® professional, you should never file a bankruptcy," Shaw adds, "or that a bankruptcy is something a client doesn't need to know about, that just because you filed a bankruptcy doesn't mean you wouldn't do a good job for your clients." Shaw says his staff will review the comments - the deadline to submit them was last month, although tweaking the proposal and extending the deadline was being considered - before going to the board for final approval. Read more >